v3.26.1
Related parties
 12 Months Ended
Dec. 31, 2025
Notes and other explanatory information [abstract]  
Related parties

37. Related parties

 

A. List of related parties

 

List of related parties as of December 31, 2025 and 2024 are as follows:

 

       
    December 31, 2025   December 31, 2024
Other related parties   FF Company Co., Ltd.   FF Company Co., Ltd.
Other related parties   -   OURcoffee Gangnamjum
Other related parties   SecondPlan Co.,Ltd.   SecondPlan Co.,Ltd.
Other related parties   ThirdPlan Co., Ltd.   ThirdPlan Co., Ltd.
Other related parties   - (*1)   PLAYVERSE Co., Ltd.
Other related parties   Studio Cuat. Co., Ltd.   Studio Cuat. Co., Ltd.
Other related parties   Beacon Holdings, Inc   Beacon Holdings, Inc
Other related parties   Falling starlight   -
Other related parties   Pluto Co., Ltd.   -
Other related parties   Dominico Inc.   -
Other related parties   JS CO., LTD.   -
Associates   SOLAIRE SCALE-UP MOVIE INVESTMENT FUND NO.1 (*2)   -
Associates   Solaire Culture Plus Fund   -
Associates   Solaire Main Movie Fund   -
Associates   SOLAIRE SCALE-UP MOVIE INVESTMENT FUND NO.2   -
Other related parties   Bluefire Studio Co., Ltd   -
Other related parties   Shining park Co., Ltd.   -
Other related parties   Its story Co., Ltd.   -
Other related parties   Lodestar USA, Inc.   -
Other related parties   Global Star Acquisition I, LLC   -
Other related parties   Global Fund LLC   -
Other related parties   Innocus Global Group Pte, Ltd.,   -
Other related parties   XENO INVESTMENT ASIA INC   -
Other related parties   JVC INC   -
Other related parties   GF KOREA Co., Ltd   -
Other related parties   Naviator Global Holdings LLC   -
Other related parties   EQ Investment Inc.   -

 

 
(*1)Play Company Co., Ltd. obtained control over Playverse Co., Ltd. through a share transfer arrangement, resulting in its exclusion from other related parties.
(*2)It was dissolved during the current period and is currently undergoing liquidation procedures.

 

B. Transactions with related parties

 

Details of transaction with related parties for the years ended December 31, 2025, 2024 and 2023 are as follows:

 

                                       
            2025  
Related party   Name of entity       Revenue     Finance
income		     Purchases     Finance
Costs		  
            (In thousands of Korean won)  
Other related parties   FF Company   ₩     9,396,922       -       195,370       -  
Other related parties   SecondPlan         37,869       18,751       3,091       -  
Other related parties   ThirdPlan         -       -       -       7,544  
Other related parties   Studio Cuat         16,500       1,978       44,900       -  
Other related parties   Beacon Holdings         -       24,147       -       97  
Key management personnel   Cho Hyeong seok         -       109,764       -       2,562,581  
Other related parties   Falling starlight         (14,598 )     -       -       -  
Key management personnel   Park, Un Kyoung         -       427       -       -  
Other related parties   Yun, In Beom         -       5,230       -       -  
Other related parties   Kim, Su Jin         -       4,991       -       -  
Key management personnel   Jung, Byung Gil         -       -       -       1,248  
Other related parties   Its story Co., Ltd.         -       -       852,915       -  
Key management personnel   Lee, Youngjae         14       -       -       22,557  
Personnel with significant influence over the Company   Song, Hyo Jeong         10       -       -       -  
Associates   SOLAIRE SCALE-UP MOVIE INVESTMENT FUND NO.1         271       -       -       -  
Associates   SOLAIRE SCALE-UP MOVIE INVESTMENT FUND NO.2         491,152       -       10,413       -  
Associates   Solaire Culture Plus Fund         78,975       -       2,388,883       -  
Associates   Solaire Main Movie Fund         166,363       -       -       -  
Other related parties   GF KOREA Co., Ltd         -       -       40,000       -  
Other related parties   Innocus Global Group Pte, Ltd.,         -       423,936       -       146,470  
Total   ₩     10,173,478       589,224       3,535,572       2,740,497  

 

            2024  
Related party   Name of entity       Revenue     Finance
income		     Purchases     Finance
Costs		  
            (In thousands of Korean won)  
Other related parties   FF Company   ₩     8,785,673       -       556,469       -  
Other related parties   SecondPlan         31,833       15,274       -       913  
Other related parties   ThirdPlan         -       -       60,317       7,332  
Other related parties   Studio Cuat         38,645       1,978       248,660       -  
Other related parties   Beacon Holdings         -       7,613       -       -  
Key management personnel   Cho Hyeong Seok         -       100,915       -       234,315  
Key management personnel   Jung Bo Ram         -       -       -       -  
Total   ₩     8,856,151       125,780       865,446       242,560  

 

            2023  
Related party   Name of entity       Revenue     Finance
income		     Purchases     Finance
Costs		  
            (In thousands of Korean won)  
Other related parties   FF Company   ₩     11,184,157       -       62,415       -  
Other related parties   SecondPlan         15,052       3,041       -       -  
Other related parties   ThirdPlan         -       -       -       2,435  
Other related parties   Studio Cuat         251       194       527,864       -  
Other related parties   Beacon Holdings         -       -       -       -  
Key management personnel   Cho Hyeong Seok         -       151,624       -       176,597  
Key management personnel   Jung Bo Ram         -       676,341       -       -  
Total   ₩     11,199,460       831,200       590,279       179,032  

 

C. Account balances with related parties

 

The balances of receivables and payables to related parties as of December 31, 2025 and 2024 are as follows:

 

                                       
            December 31, 2025  
Related party   Name of entity       Receivables     Contract assets     Loans     Project investment  
            (In thousands of Korean won)  
Other related parties   FF Company   ₩     1,936,400       -       -       -  
Other related parties   SecondPlan         57,561       -       471,400       -  
Other related parties   ThirdPlan         -       -       8,000       -  
Other related parties   Studio Cuat         22,300       -       43,000       -  
Other related parties   Beacon Holdings         31,760       -       535,000       -  
Key management personnel   Cho Hyeong seok         20,445       -       -       -  
Key management personnel   Jung Bo Ram         43,721       -       -       -  
Other related parties   Falling starlight         20,000       -       136,054       300,000  
Key management personnel   Park, Un Kyoung         1,817       -       9,969       -  
Other related parties   Yun, In Beom         5,230       -       500,000       -  
Other related parties   Kim, Su Jin         4,991       -       500,000       -  
Associates   SOLAIRE SCALE-UP MOVIE INVESTMENT FUND NO.2         73,201       279,952       -       -  
Associates   Solaire Culture Plus Fund         -       76,819       -       -  
Associates   Solaire Main Movie Fund         -       160,747       -       -  
Total   ₩     2,217,426       517,518       2,203,423       300,000  

 

            December 31, 2025  
Related party   Name of entity       Payables     Borrowings     Contract liabilities     Convertible Note  
            (In thousands of Korean won)  
Other related parties   Falling starlight   ₩     -       -       75,506       -  
Other related parties   Pluto Co., Ltd.         1,234,397       -       -       -  
Key management personnel   Jung, Byung Gil         151,493       220,000       -       -  
Key management personnel   Jung, Byung shik         135,245       -       -       -  
Key management personnel   Lee, Youngjae         8,410       274,180       -       -  
Personnel with significant influence over the Company   Song, Hyo Jeong         371       -       -       -  
Key management personnel   Park, Jun Woo         4,655       -       -       -  
Key management personnel   Shin, Kyung Soo         4,655       -       -       -  
Other related parties   Global Star Acquisition I, LLC (*)         92,112       318,683       -       -  
Other related parties   Innocus Global Group Pte, Ltd.,         796       -       -       2,956,091  
Other related parties   ThirdPlan         17,311       164,000       -       -  
Key management personnel   Cho Hyeong seok         66,348,605       5,408,608       -       -  
Other related parties   FF Company         122,400       -       -       -  
Other related parties   Studio Cuat         8,800       -       -       -  
Other related parties   Beacon Holdings         97       -       -       -  
Total         68,129,347       6,385,471       75,506       2,956,091  

 

 
(*)The Company has a credit limit of Korean Won 3,730,740 thousand under an unsecured borrowing agreement, maturing on May 13, 2026. Unused portions of these credit facilities remain available to the Company.

 

            December 31, 2024  
Related party   Name of entity       Receivables     Loans     Payables     Borrowings  
            (In thousands of Korean won)  
Other related parties   FF Company   ₩     1,934,166       -       230,698       -  
Other related parties   SecondPlan         121,284       394,400       730       -  
Other related parties   ThirdPlan         -       -       9,767       164,000  
Other related parties   Studio Cuat         2,172       43,000       -       -  
Other related parties   Beacon Holdings         7,613       225,000       -       -  
Key management personnel   Cho Hyeong Seok         -       -       1,115,906       2,790,236  
Key management personnel   Jung Bo Ram         43,721       -       -       -  
Total   ₩     2,108,956       662,400       1,357,101       2,954,236  

 

D.Financial transactions with related parties

 

Details of significant financial transactions with related parties for the years ended December 31, 2025, 2024 and 2023 are as follows:

 

                                                       
            2025  
Related party   Company       Loans     Collection     Borrowings     Repayment     Additional investment     Recovery of
investment		  
            (In thousands of Korean won)  
Other related parties   SecondPlan   ₩     206,000       129,000       -       -       -       -  
Other related parties   Beacon Holdings         420,000       110,000       82,000       82,000       -       -  
Key management personnel   Cho Hyeong seok         -       -       3,280,000       -       -       -  
Other related parties   ThirdPlan         -       1,000       -       -       -       -  
Other related parties   Falling starlight         -       -       -       -       -       500,000  
Key management personnel   Park, Un Kyoung         460       -       -       -       -       -  
Other related parties   Yun, In Beom         500,000       -       -       -       -       -  
Other related parties   Kim, Su Jin         500,000       -       -       -       -       -  
Key management personnel   Jung, Byung Gil         -       -       220,000       -       -       -  
Key management personnel   Lee, Youngjae         -       -       248,500       420,882       -       -  
Associates   Solaire Culture Plus Fund         -       -       -       -       -       29,861  
Associates   SOLAIRE SCALE-UP MOVIE INVESTMENT FUND NO.1         -       -       -       -       -       18,031  
Associates   SOLAIRE SCALE-UP MOVIE INVESTMENT FUND NO.2         -       -       -       -       66,000       -  
Other related parties   Global Star Acquisition I, LLC         -       -       568,887       473,598       -       -  
Total   ₩     1,626,460       240,000       4,399,387       976,480       66,000       547,892  

 

            2024  
Related party   Company       Loans     Collection (*1)     Borrowings     Repayment  
            (In thousands of Korean won)  
Other related parties   Second Plan (*1)   ₩     449,500       120,000       355,000       313,000  
Other related parties   ThirdPlan         -       -       80,000       46,000  
Other related parties   Studio Cuat         19,500       19,500       -       -  
Other related parties   Beacon Holdings         1,365,000       1,140,000       35,000       35,000  
Total   ₩     1,834,000       1,279,500       470,000       394,000  

 

 
(*1)Short-term borrowings and short-term loans of Korean Won 42,000 thousand were offset during the year ended December 31, 2024.

 

            2023  
Related party   Company       Loans     Collection (*1)     Borrowings  
            (In thousands of Korean won)  
Other related parties   Second Plan   ₩     1,136,900       1,030,000       -  
Other related parties   ThirdPlan         -       -       130,000  
Other related parties   Studio Cuat         43,000       -       -  
Key management personnel   Cho Hyeong Seok (*2)         10,738,538       15,084,782       2,900,000  
Key management personnel   Jung Bo Ram         -       2,905,000       -  
Total   ₩     11,918,438       19,019,782       3,030,000  

 

 
(*1)During 2023, the collection of loans related to Second Plan and Jung Bo Ram was due to a liability transfer to Cho Hyeong Seok, with no resulting cash inflows.
(*2)During 2023, Play Company secured a loan of Korean Won 3,510,676 thousand from Cho Hyeong Seok. Cho Hyeong Seok then assumed obligations for loans amounting to Korean Won 7,227,862 thousand made by Play Company to third parties. Of this amount, Korean Won 2,900,000 thousand originally loaned by Play Company to Play F&B is now effectively a loan from Cho Hyeong Seok to Play Company and its subsidiary. In addition, Play Company received repayments of Korean Won 280,000 thousand, and an outstanding loan of Korean Won 14,804,782 thousand was offset against proceeds from the purchase of treasury share.

 

E. Commitments with related parties

 

Commitments the Company has entered into with related parties as of December 31, 2025 are as follows:

 

                           
Related party   Financial institutions   Categories       Credit limit     Borrowings amount  
                (In thousands of Korean won)  
Key management personnel   Industrial Bank of Korea   Small and medium-sized enterprise financing (*1)   ₩     2,000,000       -  
Key management personnel   Industrial Bank of Korea   Small and medium-sized enterprise financing (*2)         1,000,000       1,000,000  
Key management personnel   Industrial Bank of Korea   Small and medium-sized enterprise financing (*3)         400,000       400,000  
Key management personnel   Woori Bank   Corporate operating borrowings (*4)         800,000       785,000  
Key management personnel   KB Kookmin Bank   overdraft loan (*5)         300,000       277,687  
Key management personnel   MG Community Credit Cooperatives   Corporate operating borrowings (*6)         3,000,000       3,000,000  
Total   ₩     7,500,000       5,462,687  

 

 
(*1)The Company is provided a joint guarantee of Korean Won 2,400,000 thousand by Cho HyeongSeok, CEO of Play Company.
(*2)The Company is provided a joint guarantee of Korean Won 1,200,000 thousand by Jung BoRam, CEO of Play F&B Co., Ltd.
(*3)The Company is provided a building as collateral of Korean Won 480,000 thousand for the borrowings by Jung BoRam, CEO of Play F&B Co., Ltd.
(*4)The Company is provided a joint guarantee of Korean Won 960,000 thousand by Park, UnKyoung, CEO of the LAMP.
(*5)The Company is provided a joint guarantee of Korean Won 330,000 thousand by Choi, Pyeungho, CEO of the Solaire.
(*6)The Company is provided a joint guarantee of Korean Won 3,600,000 thousand by Choi, Pyeungho, CEO of the Solaire.

 

Cho HyeongSeok, CEO of Play Company provides a joint guarantee for the vehicle lease to Mirae Asset Securities as of December 31, 2025.

 

Commitments the Company has entered into with related parties as of December 31, 2024 are as follows:

 

Related party   Financial institutions   Categories       Credit limit     Borrowings amount  
                (In thousands of Korean won)  
Key management personnel   Industrial Bank of Korea   Revolving credit (*1)   ₩     2,000,000       -  
Key management personnel   Industrial Bank of Korea  

Small and medium-sized enterprise financing (*2)

         500,000       500,000  
Key management personnel   Industrial Bank of Korea  

Small and medium-sized enterprise financing (*3)

         1,000,000       1,000,000  
Key management personnel   Industrial Bank of Korea  

Small and medium-sized enterprise financing (*4)

         400,000       400,000  
Key management personnel   Shinhan Bank   Revolving credit (*5)         500,000       -  
Total   ₩     4,400,000       1,900,000  

 

 
(*1)The Company is provided a joint guarantee of Korean Won 2,400,000 thousand by Cho HyeongSeok, CEO of Play Company.
(*2)The Company is provided a joint guarantee of Korean Won 458,526 thousand by Cho HyeongSeok, CEO of Play Company.
(*3)The Company is provided a joint guarantee of Korean Won 1,200,000 thousand by Jung BoRam, CEO of Play F&B Co., Ltd.
(*4)The Company is provided a building as collateral of Korean Won 480,000 thousand by Jung BoRam, CEO of Play F&B Co., Ltd.
(*5)The Company is provided a joint guarantee of Korean Won 600,000 thousand by Cho HyeongSeok, CEO of Play Company.

 

Cho HyeongSeok, CEO of Play Company provides a joint guarantee for the vehicle lease to Mirae Asset Securities as of December 31, 2024.

 

F. Key management personnel compensation

 

The compensation for the key management personnel for the years ended December 31, 2025, 2024 and 2023 are as follows:

 

Schedule of management personnel compensation related parties                      
        2025     2024     2023  
        (In thousands of Korean won)  
Short-term employee benefits   ₩     4,578,094       1,185,704       1,426,806  
Post-employment benefits         719,179       270,695       279,982  
Share-based payments         25,636,854       (135,095 )     38,530  
Total   ₩     30,934,127       1,321,304       1,745,318  

 

Compensation of the Company’s key management personnel includes salaries, non-cash benefits, contributions to a post-employment defined benefit plan, and defined contribution plan and measurement of liabilities related to shareholders’ agreement